How Do You Restructure A Guarantee?

Well-pointed summary of new Lee Buchheit paper (here; also worth downloading). Sovereign debt guarantees have multiplied, as a way of masking national debts. How do you deal with them when the issuer is forced into a debt restructuring? You cannot safely leave them out of the haircut; not can you easily bring them in. Conclusion: “If you thought that sovereign debt restructuring has been difficult until now, you ain’t seen nothing yet” (590 words)

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